NVE slides despite robust Q1 earnings results
Despite reporting first-quarter results that topped estimates, shares of NVE Corp. (Nasdaq: NVEC) slid in after-hours trading Wednesday.
For the first quarter of fiscal 2008 ended June 30, the nanotechnology company recorded net income of $1.59 million, or $0.33 per diluted share, compared with $0.9 million, or $0.19 per share for the first quarter last year.
An analyst surveyed by Thomson Financial expected earnings of $0.30 per share for the first fiscal quarter of 2008.
NVE booked total revenue of $4.71 million for the first quarter compared with $3.64 million in the prior-year quarter. The Eden Prairie, Minn.-based company said product sales for the quarter increased 40% over the prior-year quarter to $4.27 million from $3.05 million.
Shares of NVE traded down 5.99%, or $2.38, to $37.35 in after-hours trading Wednesday.
